RBI Approves Mirae Asset Mutual Fund's 9.95% Stake Acquisition in Utkarsh Small Finance Bank

The Reserve Bank of India on Thursday approved Mirae Asset Mutual Fund's acquisition of a 9.95% stake in Utkarsh Small Finance Bank. The RBI has also advised that the holding not exceed 9.95% of paid-up share capital at any time.

Mirae Asset Mutual Fund will acquire 9.95% paid-up share capital or voting rights in the bank within a year from the date of approval from RBI, the bank said in an exchange filing on Thursday.

The acquisition is subject to compliance with the relevant provisions and any other statutes, regulations and guidelines.

The bank's gross loan portfolio in the first quarter of this fiscal rose 30.6% year-on-year to Rs 18,798 crore. The deposits also rose 30% year-on-year to Rs 18,163 crore. The CASA ration, on the other hand, fell 19% sequentially.

The shares of Utkarsh Small Finance Bank closed 0.32% lower at Rs 50.08 apiece. This compares to a 0.03% decline in the NSE Nifty 50 Index.